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Arabian Pipes Reaches Five-Month High on Capital Increase Plan

Dec. 24 (Bloomberg) -- Arabian Pipes Co. reached its highest intraday level in five months after its board proposed increasing the Riyadh-based company’s capital by 27 percent through bonus shares.

The shares surged as much as 7 percent to 32.10 riyals before paring the gain to 31.70 riyals at 11:44 a.m. in Riyadh.

The Saudi Arabian maker of steel pipes said its board proposed raising the company’s capital to 400 million riyals ($107 million) by awarding 1.079 bonus shares for every four shares held, according to a statement to the Saudi bourse today.

To contact the reporter on this story: Mourad Haroutunian in Riyadh at mharoutunian@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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